Some of the world’s largest institutions are launching crypto assets. But, by and large, few of these ventures harness blockchain, let alone decentralized technologies. Case in point, JP Morgan’s digital asset, the fittingly-named JPM Coin, will not exemplify the raison d’etre of permissionless networks. Per previous reports from Blockonomi, the Wall Street-backed, U.S. dollar-pegged asset will be based on a private version of Ethereum known as Quorum.
Social media giant Facebook is purportedly looking to launch its own cryptocurrency too. But more likely than not, the venture will be centralized beyond compare.
Another institution joined in on the paradox that is centralized cryptocurrencies on Wednesday, as a company representative told Quartz that their upcoming offering will not make use of blockchain in any way, shape, or form.
Japanese Institution To Launch ‘Crypto’
In late-2017, as BTC began to rally tremendously, CNBC reported that Japanese financial institution Mizuho was considering launching the so-called…